[00:00:05] Speaker A: Welcome to the Short Term Show. The show about short term rentals and long term wealth with real property owners hosting real properties who are crushing it in the vacation and short term rental space.
And here's your host, Avery Carle.
[00:00:29] Speaker B: Hey, y'.
[00:00:29] Speaker C: All.
[00:00:29] Speaker B: Welcome back to another episode of the Short Term Show. As always, I'm your host, Avery Carle. Today we have a little bit of an update on a product from Hospitable. So a lot of you guys use Hospitable as your property management software? We do as well.
And they are launching something pretty interesting. And I have Emily Tangala, their product manager, here, here to talk about what it is they're launching. How's it going, Emily?
[00:00:57] Speaker C: Hey, great, Avery. Thanks for having me.
[00:00:59] Speaker B: Yeah, thanks so much for coming on. So tell us a little bit about what is going on over there at Hospitable and the new products that you guys are launching.
[00:01:09] Speaker C: Yeah. Okay. So there's a lot going on.
If people are unfamiliar with Hospitable, we are the super app for vacation rentals. We are an AI powered property management software.
And one thing I think that's very unique about us is that our mission is to gift hosts their time back. And so that really opens the door for us to pursue anything that helps hosts and property managers get their time back. Right. And so we have started kind of going beyond the typical things that you might expect from a property management system. Unified inbox channel connections, we do all of those things.
But now we're learning from our customers that they're spending a ton of time vetting opportunities, talking to owners, finding new opportunities. And we said, you know, we have so much data, so much information, a lot of connections, we think we could help solve that problem too.
So we are launching a property manager marketplace where our customers can actually be presented to owners who are looking to hire a property manager for the property that they've just purchased or are thinking about purchasing or what have you.
[00:02:16] Speaker B: Love that. So is this rolling out nationwide or worldwide, or is it just in certain markets to begin with?
[00:02:23] Speaker C: Yeah, good question. So to start, we're rolling this out in the us, UK and Australia.
A very important part of a marketplace is that we can help facilitate all the things that are required to take a new customer. And one of those things is we have to be able to pay that customer.
So the US, UK and Australia are those places where we can pay owners their monthly payouts or invoice them monthly payments. And so that's where we're starting. But, well, Hospitable itself is available worldwide. And so we'll continue adding countries to the marketplace that we support payments and payouts in as we grow.
[00:03:02] Speaker B: Okay, so explain that to me a little bit. So will the property manager, let's say I'm connected to a property manager in 30A, Florida where I live.
And would they be managing through hospitable? And hospitable is paying out the manager or the owner or both or how is that? How does that work?
[00:03:24] Speaker C: Yeah, I mean it's quite flexible.
One thing that we don't want to do by launching this property manager marketplace is micromanage property managers thing that a lot of marketplace type products try to do. They try to kind of embed themselves in every little interaction.
That's not what we want to do. We know that property managers have really great systems already and we want to kind of let you do the thing that you're really good at. However, we also know that there's maybe an owner who self manages their own property or a small property manager who's just getting started, who needs the tools to be able to be confident enough to take on their first client. And so we provide those tools. So we automate owner statements and invoices and we facilitate owner payments and payouts through like a really sleek owner's portal. So the pro there is that you might have never managed for an owner before, but you can onboard an owner in a really professional way and they'll have no idea that this is your first time because we're kind of providing you the tools to be able to give them a really professional experience.
So we can facilitate the payments and payouts on your behalf so that you don't have to worry about getting another add on tool or dealing with all of that.
[00:04:40] Speaker B: Okay. So if you're new, you don't have to get like a finance invoicing kind of tool. You can just plug into hospitables and it will do it for you.
[00:04:50] Speaker C: Yeah, exactly. I think our general purpose behind this is that we really believe that the people who are just great performers should be rewarded with the opportunities and not just the people who've like already figured it out or who are really well connected or already have big names. There could be an owner out there who has five properties themselves and they're just killing it. And they should also be given the opportunity to manage for other people if that's something that they want.
So you know, your performance is what's going to set you apart on our marketplace, not necessarily your experience only.
[00:05:27] Speaker B: Okay, and so what does the Marketplace dashboard look like to, let's say, an owner who says, oh, you know, I've got few properties. I'm kind of tired of managing these. Let me go on here and see what I can find. So what are they shown about the property managers?
[00:05:42] Speaker C: Yeah, good question. So if you're familiar with hospitable or anybody watching is familiar with hospitable, you know that we build really fast and we start small and we iterate. So what this is going to look like at the end of the year is going to be totally different than what it looks like right now.
We're in this stage where we've launched a pilot program and we're talking to every single person who comes in through this, this doorway and we're building the product that's going to meet their needs.
So there's two kind of buckets of potential owners.
We have people who have never used Hospitable before. They go search for, like, find a property manager near me and they find Hospitable. They learn that we could actually help set them up with somebody.
They go through a very quick onboarding process where we learn a little bit more about what their goals are. And this is really, really important for the property managers later because we're going to learn, like, do you want to be hands on or do you want to be hands off?
What have you set aside to invest in the property?
What are your goals? Prioritize this list. Are you trying just to maximize revenue? Are you trying to build your reputation? Are you trying to make sure your property is well cared for? Prioritize that so that we can get a sense of what's the most important thing to them.
We can take that information, we know where their property is, if they've already purchased it, and. And we can search for property managers who are using Hospitable and really killing it in those markets, and then reach out to them and say, hey, we've got an owner whose property is down the street from yours. We notice you're doing a really, really great job. Would you like to take on this opportunity? We then present them with like, an opportunity, like a pro forma of sorts that shows, like, how we think that this property can perform based on the market, what the owner's level of involvement is, how much they have to invest, if any, the property manager from there can say, I'm into this, I'd like to talk to them, or like, no, that doesn't fit me for whatever reason, and they can move on.
So that was kind of a long Winded answer. But that's the scenario for an owner who never used Hospitable before. We don't like have any of their information. Right. So we have to ask those questions. But there's also people who already use a property management system or even use Hospitable who their lives have changed, had a baby, maybe they got a really demanding W2 job. Maybe they just decided self managing isn't for them anymore. And we, we have the context already to know like how they've been managing their property already, what's been working and what's not working. We can look at the conversations they've had with guests and say like, well, you had all five star reviews, but a couple of guests complained about ants in the kitchen. And we can be like taking that information and presenting that to the property manager to say like, you know, what you see on the surface is important, but we have all this extra information that we've gleaned from guest conversations or the way they were using the product before that you might need to know about. So you know, like how you can uplift this property.
[00:08:47] Speaker B: Okay, that is really cool.
[00:08:52] Speaker A: When it comes to buying and selling your first or next vacation home, you need to work with the best.
Do not compromise. Call the Short Term Shop.
Our agents are laser focused, highly trained and many of them also own their own short term rentals.
Find
[email protected] we're hiring realtors.
This show is brought to you by the Short Term Shop.
Join our exciting team in the best vacation markets in America.
We're currently hiring agents in Gulf Shores, the Poconos and Outer Banks.
Email
[email protected] that's
[email protected] so if, let's
[00:09:49] Speaker B: say I'm a property manager, let's switch roles now.
[00:09:51] Speaker C: Yeah.
[00:09:52] Speaker B: And I think, okay, I think I'm ready to take on a few more clients. Not really sure how to get them. Let me go on Hospitable's marketplace. So what are they doing? Are they placing an ad or how does that work?
[00:10:04] Speaker C: Yeah, right now every customer on Hospitable who is a part of our mogul plan, which indicates that they're like up a certain level, they're ready to scale, they are eligible. So today there's no opt in. Like what we're doing is looking at your performance again for your property and we'll bring you opportunities now. You don't have to take them. And so we've gone to some people and said you're doing a great job. Do you want this opportunity? And they've said no, I want to keep self managing. I'm not into managing for others. And that's great. We're learning about what people are saying yes to and what people are saying no to so that we can bring them more of the right opportunity for them.
Yeah, that's it.
[00:10:45] Speaker B: Okay, cool.
So when, let me think here. So let's say I'm a property manager that I really only want to work with luxury properties and I come to you guys, can I say, please don't send me one bedroom condos, I only deal with five bedrooms and up. Or is it just kind of you have to take what you can get?
[00:11:06] Speaker C: No. And I think our entire job is to learn more about exactly what you want.
We Hospitable published an industry report earlier this year that found that 73% of property managers say that attracting and retaining owners is their top priority for this year.
And that sounds simple on the surface, but when we actually talk to those property managers, there's quite a lot of nuance within what they mean by that. And so when we have these conversations, you kind of find there's like one or two buckets that these property managers fall in.
They're either property managers who've been doing this for a while, they're experienced and they're kind of at this stage where they're like able to or they have the luxury to say no if you will, and they're kind of curating their portfolio. So to your point, only taking luxury properties, that makes perfect sense for somebody who's experienced and has, has the experience to back that up. Right. And so we will hear that from them and then bring them the properties that fit.
And then there's the other side of that, like I said earlier, those owners who maybe don't have experience but are doing a really great job with their own properties, who might be willing to take something that maybe doesn't like look cohesive with the properties they're managing today, but maybe they just need to build that experience.
So it's really going to differ based on what experience you do have, what your performance is like and what you want.
So yeah, I think we'll be able to support all aspects of that at any stage in your property management journey. So if you self managed only and you're ready to take your first client, or if you've been doing this for 10 years and you know exactly what you want and you're curating your portfolio to fit a certain aesthetic or Brand or quality?
[00:12:56] Speaker B: Gotcha. And here's my next question. So there's a lot of real estate investing and short term rental specific platforms, companies out there that start marketplaces and don't vet at all the vendors that are buying ad space. So you can go on. I can think of two websites right now to get a real estate agent recommended to you tailored for that specializes in in short term rentals or in real estate investors and get somebody who lives states away from the market they're actually selling in. So what kind is there any kind of vetting that's done with the managers to make sure that it's a good match?
[00:13:39] Speaker C: Yeah, absolutely.
I've played around with many of those marketplaces myself as one a part of research. But also when I first got my property I didn't self manage it. So I've had the experience of trying to find a property manager and that's definitely it really matters what you want as an owner.
I live kind of close ish to my property about an hour and a half away. So at the time when I was looking for a property manager I thought that all I needed was somebody to help with guest communication because in my head I was like oh, I can get up there there pretty quickly if there's like a true emergency.
And so you know there's that in certain situations an owner may not care that somebody's close by because they are close by. In which case we might be able to recommend somebody who maybe is states away because they're only taking over that guest communication portion.
But I talked a little bit about the having owners prioritize what's important to them and if property care is one of those things, if that's really high on the list and they need to make sure that their investment home, their family's vacation home, whatever it is, is really really well taken care of, then we're absolutely going to find somebody who's local. And one of the very first things we do is we actually search for property managers who have properties within a 15 mile radius of your place.
They have the team already because they're already managing a place nearby. We know that they know the market so it kind of de risks that recommendation a little bit. But again it's not the only way to find somebody great. But it is one of the first things we look at is location.
[00:15:13] Speaker B: Okay, that's super important. And then second, what, what does this cost a property manager who wants to be put out there on the marketplace?
[00:15:22] Speaker C: Yeah, awesome question.
We're not entirely sure yet what this is going to cost because we're just launching this program. And so for the first quarter up through March 31, we are not charging anything to those property managers. We're kind of making these matches and seeing how it goes longer term, it's likely that we're going to charge a service fee on commission. I don't know what that exact number is, but that's pretty familiar to what typical marketplaces do. And in those conversations with the property managers, they're often paying a finder's fee or a percentage of their commission anyways. And it kind of, it kind of nets out at the end of the day. So the value for them is not having to go chase after these opportunities. We bring them and then we'll handle all the infrastructure required to actually manage them. Well, awesome.
[00:16:09] Speaker B: So what else have I not asked about this new marketplace that our listeners would benefit from hearing about?
[00:16:18] Speaker C: I think one thing that's important to know and to think about, regardless of what side of this marketplace you're on, if you're an owner or if you're a property manager.
Let's start with the owner.
I've interacted with other marketplace type products where I say I need help with something and I finish filling out the form and the next thing you know, I have 500 calls and I just have like no idea what to do with all that information. Right. It feels very like, ooh, it just kind of invaded my privacy and like shared my number with a billion people and again, didn't. Right, right. We will never do that.
We really do. Like, it's in our best interest, in your best interest that we make a match that sticks and that's really good long term for both owner and property manager. So we're never going to share your personal information with a property manager unless you explicitly say, yes, this is one that I'm potentially interested in talking to. So you're never going to get those like, cold calls with people pitching you with no information. Right.
I think the same goes on the other side for the property manager.
We again, don't want to micromanage the way that they sell themselves.
This isn't a situation where we're going to like, you know, be overseeing the way that you talk to them or be like, encouraging you to pitch in a certain way. Like, no, we're going to bring you the opportunities. We know you can do a great job. If you want to meet the owner for coffee, if you want to call them, of course, like, keep doing those things.
So we're not going to try to micromanage your process of like, getting to know that owner. But we are going to try to save you a ton of time by vetting the owner, getting to understand their goals, and then analyzing their property so that you don't have to do that part. And you can just focus on the relationship bit after that.
[00:18:07] Speaker B: Okay, love that. Because yeah, I think we've all like clicked on something on Zillow and then gotten 100 phone calls and that's not fun.
[00:18:14] Speaker C: It's not fun. It's not fun at all.
[00:18:17] Speaker B: Cool. Well, this sounds like a really awesome tool. When exactly is it launching so that those who are interested can maybe go find it?
[00:18:25] Speaker C: Yeah, so it's already functioning now. So if you are an owner who needs a property manager, we can already help you today.
If you're a property manager who needs opportunities or is interested in hearing about opportunities that's available on Hospitable's mogul plan, we are going to be doing a more public launch on March 18th in our town hall. Hospitable has bi weekly town halls where we give an update on what it is we're doing. So we'll be giving a little bit of a deeper dive into what this actually looks like and it's going to grow throughout the rest of the year.
[00:18:57] Speaker B: Okay, awesome. And for Hospitable users, how do they find it again on their dashboard or they have to go to a specific link?
[00:19:04] Speaker C: Yeah. So for Hospitable owners at this point, they can be reaching out to me, my email, which Hospitable customers would have.
But if we bring an opportunity, we'll reach out to you proactively. So you'll hear from me or from someone on the team sharing that opportunity with you.
There's really no opt in or sign up again because we're going purely off of performance.
So you can wait to hear from us. Although I do think that at some point later in the year, we'll probably have something where you can be more front and center, where you can be building out your profile so that you have a little bit more control over what owners see when they're considering who they, who they talk to.
[00:19:43] Speaker B: Okay, awesome. Well, Emily, thank you so much for coming on and updating us about this. And if anybody needs to like, reach out to you or find you, just they'll have your email if they're Hospitable users and they'll be reached out to as a property manager if they meet the requirements, so to speak.
[00:20:01] Speaker C: Yeah, exactly. And if, if you're interested in any of this. Whether you're an owner or property manager, you can email me directly. My email is my first last name. So. Emily Tangala hospitable.com and of course you can join our bi weekly town halls that stream live on Zoom and on YouTube and ask any questions there as well.
[00:20:19] Speaker B: All right.
[00:20:19] Speaker C: Well, thank you so much, Emily.
[00:20:21] Speaker B: I'm really looking forward to this coming out. I'm sure it's going to help a lot of people.
[00:20:24] Speaker C: Thank you. Thanks.
[00:20:40] Speaker A: It.
